EUREKA SPRINGS, Ark. — Little Rock-based Windgate Foundation has established a $10 million endowment for the Eureka Springs School of the Arts (ESSA), according to a Tuesday (Dec. 1) news release.
The $10 million endowment will provide ongoing operating support for the nonprofit school of art and fine craft, which was founded in 1998 in the Northwest Arkansas city of about 2,000 people.
In September, the Windgate Foundation established the endowment at the Arkansas Community Foundation.
The endowment will produce $400,000 annually in operating support after a required one-year waiting period.
Most of the income generated from the gift is intended to replace annual grants that the Windgate Foundation has been making for years to the two-decades-old arts school.
The remainder will add stability to the school’s annual budget.
Also, the foundation provided a $400,000 bridge grant that will be given to the school at the first of the year.
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